New Risk • May 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 14% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Upcoming Dividend • May 20
Upcoming dividend of HK$0.034 per share Eligible shareholders must have bought the stock before 27 May 2026. Payment date: 24 July 2026. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Hong Kong dividend payers (6.8%). Lower than average of industry peers (5.5%). Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to HK$1.41, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 8x in the Water Utilities industry in Hong Kong. Total loss to shareholders of 16% over the past three years. New Risk • May 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$765.4m (US$97.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 14% per year over the past 5 years. Minor Risk Market cap is less than US$100m (HK$765.4m market cap, or US$97.7m). Reported Earnings • Apr 22
Full year 2025 earnings released: EPS: CN¥0.17 (vs CN¥0.21 in FY 2024) Full year 2025 results: EPS: CN¥0.17 (down from CN¥0.21 in FY 2024). Revenue: CN¥1.70b (down 5.6% from FY 2024). Net income: CN¥81.7m (down 18% from FY 2024). Profit margin: 4.8% (down from 5.5% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Board Change • Apr 15
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-Executive Director Jie Du was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Declared Dividend • Mar 29
Dividend of CN¥0.03 announced Shareholders will receive a dividend of CN¥0.03. Ex-date: 27th May 2026 Payment date: 24th July 2026 Dividend yield will be 1.7%, which is lower than the industry average of 11%. Sustainability & Growth Dividend is covered by earnings (52% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 43% to shift the payout ratio to a potentially unsustainable range, which is more than the 14% EPS decline seen over the last 5 years. Aankondiging • Mar 28
Jilin Province Chuncheng Heating Company Limited, Annual General Meeting, May 15, 2026 Jilin Province Chuncheng Heating Company Limited, Annual General Meeting, May 15, 2026. Board Change • Mar 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-Executive Director Jie Du was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Aankondiging • Mar 17
Jilin Province Chuncheng Heating Company Limited to Report Fiscal Year 2025 Results on Mar 27, 2026 Jilin Province Chuncheng Heating Company Limited announced that they will report fiscal year 2025 results on Mar 27, 2026 Buy Or Sell Opportunity • Feb 04
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to HK$2.04. The fair value is estimated to be HK$1.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has declined by 5.4%. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$1.89, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 10x in the Water Utilities industry in Hong Kong. Total returns to shareholders of 18% over the past three years. Board Change • Dec 29
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-Executive Director Jie Du was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. New Risk • Nov 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$746.7m (US$96.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 10% per year over the past 5 years. High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.2% net profit margin). Market cap is less than US$100m (HK$746.7m market cap, or US$96.0m). Board Change • Nov 06
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-Executive Director Jie Du was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Sep 01
First half 2025 earnings released: EPS: CN¥0.23 (vs CN¥0.32 in 1H 2024) First half 2025 results: EPS: CN¥0.23 (down from CN¥0.32 in 1H 2024). Revenue: CN¥935.1m (up 3.1% from 1H 2024). Net income: CN¥106.9m (down 28% from 1H 2024). Profit margin: 11% (down from 16% in 1H 2024). Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 1% per year. New Risk • Aug 31
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.2% Last year net profit margin: 8.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 10% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.2% net profit margin). Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$1.90, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 8x in the Water Utilities industry in Hong Kong. Total returns to shareholders of 14% over the past three years. Aankondiging • Aug 15
Jilin Province Chuncheng Heating Company Limited to Report First Half, 2025 Results on Aug 28, 2025 Jilin Province Chuncheng Heating Company Limited announced that they will report first half, 2025 results on Aug 28, 2025 Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$1.59, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 6x in the Water Utilities industry in Hong Kong. Total returns to shareholders of 6.6% over the past three years. Board Change • Jul 04
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-Executive Director Jie Du was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • Jun 12
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-Executive Director Jie Du was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Upcoming Dividend • May 20
Upcoming dividend of HK$0.07 per share Eligible shareholders must have bought the stock before 27 May 2025. Payment date: 18 July 2025. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 4.8%. Lower than top quartile of Hong Kong dividend payers (7.7%). Lower than average of industry peers (5.4%). Aankondiging • May 16
Jilin Province Chuncheng Heating Company Limited Announces Board and Committee Changes Jilin Province Chuncheng Heating Company Limited at its AGM was held on 16 May 2025, approved the appointment of Zhang Liming as an executive Director, Shi Mingjun as a non-executive Director, Ms. Du Jie as an independent non-executive Director and Mr. Chan Sing Fai as an independent non-executive Director. Accordingly, Mr. Fu Yachen and Mr. Poon Pok Man as independent non-executive Directors have resigned from the Board at the close of the AGM. Following the appointment of Mr. Zhang, Mr. Shi, Ms. Du, Mr. Chan, and Mr. Qiu as Directors, which has become effective, the Board has approved the composition of the Board Committees for the Third Session of the Board, effective from 16 May 2025. Mr. Song Chi has been appointed as Chairman of the Strategy Committee, with Mr. Zhang and Mr. Qiu serving as members. The Remuneration Committee will be chaired by Ms. Du, with Mr. Xu Chungang and Mr. Chan as members. Mr. Chan has been appointed Chairman of the Audit Committee, joined by Mr. Yang Zhongshi and Ms. Zhang Yan. The Nomination Committee will be chaired by Ms. Zhang Yan, with Mr. Shi and Ms. Du serving as members. Declared Dividend • Mar 31
Dividend of CN¥0.065 announced Shareholders will receive a dividend of CN¥0.065. Ex-date: 27th May 2025 Payment date: 20th July 2025 Dividend yield will be 5.2%, which is lower than the industry average of 11%. Sustainability & Growth The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 68% to shift the payout ratio to a potentially unsustainable range, which is more than the 9.4% EPS decline seen over the last 5 years. Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: CN¥0.21 (vs CN¥0.26 in FY 2023) Full year 2024 results: EPS: CN¥0.21 (down from CN¥0.26 in FY 2023). Revenue: CN¥1.81b (up 6.6% from FY 2023). Net income: CN¥99.9m (down 17% from FY 2023). Profit margin: 5.5% (down from 7.1% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Aankondiging • Mar 29
Jilin Province Chuncheng Heating Company Limited, Annual General Meeting, May 16, 2025 Jilin Province Chuncheng Heating Company Limited, Annual General Meeting, May 16, 2025. Aankondiging • Mar 18
Jilin Province Chuncheng Heating Company Limited to Report Fiscal Year 2024 Results on Mar 28, 2025 Jilin Province Chuncheng Heating Company Limited announced that they will report fiscal year 2024 results on Mar 28, 2025 Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to HK$1.24, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 4x in the Water Utilities industry in Hong Kong. Total loss to shareholders of 8.2% over the past three years. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$1.60, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 5x in the Water Utilities industry in Hong Kong. Total loss to shareholders of 1.8% over the past three years. Board Change • Feb 05
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-Executive Director Yan Zhang was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to HK$1.64, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 5x in the Water Utilities industry in Hong Kong. Total returns to shareholders of 1.6% over the past three years. Board Change • Dec 13
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-Executive Director Yan Zhang was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 03
First half 2024 earnings released: EPS: CN¥0.32 (vs CN¥0.27 in 1H 2023) First half 2024 results: EPS: CN¥0.32 (up from CN¥0.27 in 1H 2023). Revenue: CN¥906.6m (flat on 1H 2023). Net income: CN¥148.1m (up 19% from 1H 2023). Profit margin: 16% (up from 14% in 1H 2023). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. New Risk • Aug 29
New major risk - Revenue and earnings growth Earnings have declined by 0.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.3% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (HK$630.0m market cap, or US$80.8m). Aankondiging • Aug 16
Jilin Province Chuncheng Heating Company Limited to Report First Half, 2024 Results on Aug 28, 2024 Jilin Province Chuncheng Heating Company Limited announced that they will report first half, 2024 results on Aug 28, 2024 Aankondiging • Jun 21
Jilin Province Chuncheng Heating Company Limited has withdrawn its Follow-on Equity Offering. Jilin Province Chuncheng Heating Company Limited has withdrawn its Follow-on Equity Offering.
Security Name: A Shares
Security Type: Common Stock
Securities Offered: 155,566,600
Transaction Features: New Market Listing Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to HK$1.38, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 6x in the Water Utilities industry in Hong Kong. Total loss to shareholders of 21% over the past three years. Board Change • Jun 12
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-Executive Director Yan Zhang was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Jun 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to HK$1.68. The fair value is estimated to be HK$2.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.9% over the last 3 years. Earnings per share has declined by 11%. Upcoming Dividend • May 28
Upcoming dividend of CN¥0.09 per share Eligible shareholders must have bought the stock before 04 June 2024. Payment date: 19 July 2024. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 5.4%. Lower than top quartile of Hong Kong dividend payers (7.5%). Lower than average of industry peers (6.2%). Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to HK$1.65, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 5x in the Water Utilities industry in Hong Kong. Total loss to shareholders of 13% over the past three years. Aankondiging • May 01
Jilin Province Chuncheng Heating Company Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 19 July 2024 Jilin Province Chuncheng Heating Company Limited proposed Final Dividend of RMB 0.09 per share for the Year Ended 31 December 2023, Ex-dividend date 04 June 2024; Record date 11 June 2024; Payment date 19 July 2024. New Risk • Apr 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$718.7m (US$91.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (HK$718.7m market cap, or US$91.8m). Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$1.54, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 4x in the Water Utilities industry in Hong Kong. Total loss to shareholders of 17% over the past three years. Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: CN¥0.26 (vs CN¥0.25 in FY 2022) Full year 2023 results: EPS: CN¥0.26 (up from CN¥0.25 in FY 2022). Revenue: CN¥1.69b (up 2.4% from FY 2022). Net income: CN¥121.0m (up 5.5% from FY 2022). Profit margin: 7.1% (up from 6.9% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 7% per year. Declared Dividend • Mar 29
Dividend of CN¥0.09 announced Shareholders will receive a dividend of CN¥0.09. Ex-date: 28th May 2024 Payment date: 5th July 2024 Dividend yield will be 5.2%, which is lower than the industry average of 11%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (10% cash payout ratio). The dividend has decreased over the past 46 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 74% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.4% EPS decline seen over the last 5 years. Aankondiging • Mar 28
Jilin Province Chuncheng Heating Company Limited, Annual General Meeting, May 17, 2024 Jilin Province Chuncheng Heating Company Limited, Annual General Meeting, May 17, 2024. Buy Or Sell Opportunity • Mar 28
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.5% to HK$1.73. The fair value is estimated to be HK$2.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.4% over the last 3 years. Earnings per share has declined by 12%. Aankondiging • Mar 27
Jilin Province Chuncheng Heating Company Limited Proposes Final Dividend for the Year Ended December 31, 2023, Payable on 05 July 2024 Jilin Province Chuncheng Heating Company Limited proposed final dividend of RMB 0.09 per share for the year ended December 31, 2023. Date of shareholders' approval is 17 May 2024, Ex-dividend date is 28 May 2024, Record date is 05 June 2024 and Payment date is 05 July 2024. Aankondiging • Mar 22
Jilin Province Chuncheng Heating Company Limited Announces Resignation of Mr. Sun Huiyong as the Chairman of the Board and Non-Executive Director and Member of the Audit Committee and Chairman of the Strategy Committee The board of directors of Jilin Province Chuncheng Heating Company Limited announced that Mr. SUN Huiyong has tendered his resignation from the position as the Chairman of the Board and a non-executive Director with effect from 21 March 2024 due to work adjustments. Upon Mr. Sun's resignation as a non-executive Director, Mr. Sun will cease to be a member of the audit committee and the chairman of the strategy committee of the Board with effect from 21 March 2024. Aankondiging • Mar 16
Jilin Province Chuncheng Heating Company Limited to Report Fiscal Year 2023 Results on Mar 27, 2024 Jilin Province Chuncheng Heating Company Limited announced that they will report fiscal year 2023 results on Mar 27, 2024 Reported Earnings • Aug 31
First half 2023 earnings released: EPS: CN¥0.27 (vs CN¥0.14 in 1H 2022) First half 2023 results: EPS: CN¥0.27 (up from CN¥0.14 in 1H 2022). Revenue: CN¥898.4m (up 1.2% from 1H 2022). Net income: CN¥124.9m (up 96% from 1H 2022). Profit margin: 14% (up from 7.2% in 1H 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • May 23
Upcoming dividend of HK$0.10 per share at 5.0% yield Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 07 July 2023. Trailing yield: 5.0%. Lower than top quartile of Hong Kong dividend payers (7.6%). Lower than average of industry peers (7.8%). Aankondiging • May 20
Jilin Province Chuncheng Heating Company Limited Approves Final Dividend for the Year Ended 31 December 2022, Payable on 7 July 2023 Jilin Province Chuncheng Heating Company Limited announced that at the AGM held on 19 May 2023 approved final dividend of RMB 0.09 per Share (inclusive of tax) for the year ended 31 December 2022. The Company will pay the 2022 Final Dividends on 7 July 2023 in cash to the Shareholders whose names appear on the register of members of the Company on 7 June 2023. Reported Earnings • Apr 26
Full year 2022 earnings released: EPS: CN¥0.25 (vs CN¥0.26 in FY 2021) Full year 2022 results: EPS: CN¥0.25 (down from CN¥0.26 in FY 2021). Revenue: CN¥1.65b (flat on FY 2021). Net income: CN¥114.7m (down 6.6% from FY 2021). Profit margin: 6.9% (down from 7.4% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Buying Opportunity • Jan 11
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 2.2%. The fair value is estimated to be HK$2.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 23% over the last year. Earnings per share has declined by 71%. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-Executive Director Yuguo Wang was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Nov 01
Now 23% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be HK$2.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 23% over the last year. Earnings per share has declined by 71%. Reported Earnings • Aug 27
First half 2022 earnings released: EPS: CN¥0 (vs CN¥0.25 in 1H 2021) First half 2022 results: EPS: CN¥0 (down from CN¥0.25 in 1H 2021). Revenue: CN¥887.5m (flat on 1H 2021). Net income: CN¥63.8m (down 46% from 1H 2021). Profit margin: 7.2% (down from 13% in 1H 2021). Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment deteriorated over the past week After last week's 15% share price decline to HK$1.75, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 6x in the Water Utilities industry in Hong Kong. Total loss to shareholders of 2.9% over the past year. Upcoming Dividend • May 24
Upcoming dividend of HK$0.14 per share Eligible shareholders must have bought the stock before 31 May 2022. Payment date: 08 July 2022. Payout ratio is a comfortable 44% and the cash payout ratio is 98%. Trailing yield: 7.8%. Within top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (6.0%). Aankondiging • May 21
Jilin Province Chuncheng Heating Company Limited Approves Final Dividend for the Year 2021, Payable on 08 July 2022 Jilin Province Chuncheng Heating Company Limited at its AGM held on May 20, 2022, approved the payment of final dividend for the year ended 31 December 2021. The Company will pay a final dividend on or around 8 July 2022 in cash to the Shareholders whose names appear on the register of members of the Company on 8 June 2022. The final dividend for the year 2021 shall be denominated and declared in RMB at RMB 0.115 per Share(inclusive of tax). Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-Executive Director Yuguo Wang was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Aankondiging • Apr 15
Jilin Province Chuncheng Heating Company Limited, Annual General Meeting, May 20, 2022 Jilin Province Chuncheng Heating Company Limited, Annual General Meeting, May 20, 2022, at 09:00 China Standard Time. Location: Conference Room 907, Chuncheng Heating, No. 998 Nanhu Road, Nanguan District Changchun City Jilin Province China Agenda: To consider and approve the adoption of the work report of the Directors for the year 2021; to consider and approve the adoption of the work report of the Independent Directors for the year 2021; to consider and approve the adoption of the work report of the Supervisory Committee for the year 2021 to consider and approve the final financial report for the year 2021; to consider and approve the adoption of the annual report for the year 2021; to consider and approve the Company's profit distribution plan for the year ended 31 December 2021; to authorise and approve the Board to determine the remuneration plan for the Directors for the year ending 31 December 2022 in accordance with the Company's internal policies and relevant regulatory requirements; and to consider other matters. Reported Earnings • Apr 01
Full year 2021 earnings released Full year 2021 results: Revenue: CN¥1.65b (down 13% from FY 2020). Net income: CN¥122.8m (down 26% from FY 2020). Profit margin: 7.4% (down from 8.7% in FY 2020). Aankondiging • Mar 31
Jilin Province Chuncheng Heating Company Limited Proposes Ordinary Final Dividend for the Year Ended 31 December 2021, Payable on 08 July 2022 Jilin Province Chuncheng Heating Company Limited proposed Ordinary Final Dividend of RMB 0.115 per share for the Year Ended 31 December 2021. Date of shareholders' approval is 20 May 2022. Ex-dividend date is 31 May 2022. Record date is 08 June 2022. Payment date is 08 July 2022. Reported Earnings • Aug 30
First half 2021 earnings released: EPS CN¥0.25 (vs CN¥0.19 in 1H 2020) The company reported a solid first half result with improved earnings and revenues, although profit margins were flat. First half 2021 results: Revenue: CN¥881.8m (up 40% from 1H 2020). Net income: CN¥117.5m (up 31% from 1H 2020). Profit margin: 13% (in line with 1H 2020). Aankondiging • May 29
Jilin Province Chuncheng Heating Company Limited Approves Final Dividend for the Year Ended December 31, 2020, Payable on or Around July 9, 2021 Jilin Province Chuncheng Heating Company Limited at its AGM held on May 28, 2021, approved payment of final dividend for the year ended 31 December 2020 to the Shareholders: The Company will pay a final dividend on or around 9 July 2021 in cash to the Shareholders whose names appear on the register of members of the Company on 9 June 2021. The final dividend for the year 2020 shall be denominated and declared in RMB at RMB 0.103 (inclusive of tax) per Share. Dividends on Domestic Shares will be paid in RMB and dividends on H Shares will be paid in Hong Kong dollars. The exchange rate of RMB into Hong Kong dollar shall be calculated based on the average central parity rates of Hong Kong dollar to RMB as published by the PBOC in the calendar week before the date which the Company declares such dividends (i.e. HKD 1 to RMB 0.82850), i.e. a cash dividend of HKD 0.12430 per H Share (inclusive of tax) will be paid to holders of H Shares. Upcoming Dividend • May 25
Upcoming dividend of CN¥0.10 per share Eligible shareholders must have bought the stock before 01 June 2021. Payment date: 09 July 2021. Trailing yield: 5.4%. Lower than top quartile of Hong Kong dividend payers (6.0%). In line with average of industry peers (5.4%). Aankondiging • Mar 17
Jilin Province Chuncheng Heating Company Limited to Report Fiscal Year 2020 Results on Mar 26, 2021 Jilin Province Chuncheng Heating Company Limited announced that they will report fiscal year 2020 results on Mar 26, 2021 Aankondiging • Feb 25
Jilin Province Chuncheng Heating Company Limited Approves Change of Accounting Standard by the Company Jilin Province Chuncheng Heating Company Limited announced at the EGM to be held on February 24, 2021 that the company approved Change of Accounting Standard by the Company such that all the financial statements of the Company, together with the results of the Company for the year ending 31 December 2020. Aankondiging • Jan 01
Jilin Province Chuncheng Heating Company Limited (SEHK:1853) completed the acquisition of Changchun Yatai Thermal Power Co., Ltd. from Changchun Heating Power (Group) Company Limited. Jilin Province Chuncheng Heating Company Limited (SEHK:1853) entered into an agreement to acquire Changchun Yatai Thermal Power Co., Ltd. from Changchun Heating Power (Group) Company Limited for approximately CNY 320 million on October 29, 2020. Jilin Province Chuncheng Heating Company shall complete the payment of the consideration in full to Changchun Heating Power (Group) Company Limited in cash within 40 business days after the completion date. The consideration is intended to be financed partly by the internal resources of the Group and partly by the net proceeds from the global offering as to CNY 100 million. Changchun Yatai Thermal Power will become a wholly owned subsidiary of Jilin Province Chuncheng Heating Company on completion of the transaction. Changchun Yatai Thermal Power reported total revenue of CNY 411.6 million, net loss of CNY 69.8 million and net assets of CNY 62.9 million for the year ending, December 31, 2019. The transaction is subject to Changchun Heating Power (Group) Company having completed the applicable internal decision-making procedure in respect of the acquisition agreement and the transactions contemplated thereunder in accordance with the requirements of its articles of association, approval by the shareholders and Board of Jilin Province Chuncheng Heating Company and Jilin Province Chuncheng Heating Company and Changchun Heating Power (Group) Company having obtained and completed all necessary consents, approvals and filings from or with any relevant governmental or regulatory authorities in the PRC, Hong Kong or other jurisdictions.
The independent Board committee has been established to advise the independent shareholders as to the acquisition agreement. Within 15 days from the date of signing of the acquisition agreement Changchun Heating Power (Group) Company Limited shall, and/or shall procure Changchun Yatai Heating Power to, complete the government approval and filing procedures, registration procedure with the relevant industry and commerce administration authority and other necessary legal procedures relating to the transfer of the equity interests. Giraffe Capital Limited acted as financial advisor for independent Board committee and the independent shareholders of Jilin Province Chuncheng Heating Company and BOCI Asia Limited acted as financial advisor for Jilin Province Chuncheng Heating Company.
Jilin Province Chuncheng Heating Company Limited (SEHK:1853) completed the acquisition of Changchun Yatai Thermal Power Co., Ltd. from Changchun Heating Power (Group) Company Limited on December 31, 2020. All the conditions has been fulfilled. Is New 90 Day High Low • Dec 17
New 90-day low: HK$1.97 The company is down 14% from its price of HK$2.29 on 18 September 2020. The Hong Kong market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is down 2.0% over the same period.